Consumers OK For Now, But Without Help, Problems Could be on The Horizon
LAS VEGAS — 2024 is going to be the year where the accounts receivable management industry will find out just how well-positioned consumers are to keep making payments on their debts and this will be a...
View ArticleOlder Consumers More Financially Literate: Survey
The financial landscape has undergone a digital metamorphosis, placing consumer financial literacy at the forefront of effective debt collection strategies. Based on a recent Capital One Insights...
View ArticleMedical Debt Causes Other Financial Problems for Consumers: Survey
More than half of individuals with medical debt have been contacted by a collection agency, compared with 8% of those who do not have medical debt, according to data released this week by the Kaiser...
View ArticleCFPB Report Highlights Differences in Credit Card Interest Rates as One Titan...
Three days after the Consumer Financial Protection Bureau released a report indicating that large banks are offering higher credit card interest rates to consumers than smaller banks and credit unions,...
View ArticleEncore Capital Reports Net Loss for 2023, but Says 2024 is Shaping Up to be a...
A $238 million impairment as a result of low purchase volumes by its European division darkened the financial results for Encore Capital Group this week, but the company says it is poised to capitalize...
View ArticleConsumers With More Credit Card Debt than Emergency Savings Hits All-Time...
Another day, yet another sign that consumers are over-extended and are at risk of falling off a financial cliff. The number of consumers who are carrying more credit card debt than emergency savings...
View ArticleConsumers Prioritizing Savings Over Debt for Tax Refunds: Survey
In what could be bad news for companies across the accounts receivable management industry, a significant number of fewer consumers are choosing to use their income tax refunds to pay down their debts,...
View ArticleReport Notes Dividing Line Between Healthcare Debts That Will Be Paid and...
$500. That is the dividing line between healthcare debts that are likely to be paid and those that are not, according to a report released last week. What’s interesting is that is also the demarcation...
View ArticleDelinquency Rates Keep Rising, Close to Pre-Pandemic Levels
More consumers continue to fall behind on their debt payments and are likely going to be in that situation for a while because of the amount of debt they are carrying from month-to-month, according to...
View ArticleFewer People Paying in Full
Is the era of paying for things in full at once dying? Should collection agencies stop asking consumers to pay the balance of a debt in full? It might be worth considering, thanks in part to the...
View ArticleFinancial Anxiety Amongst Consumers Soars
In an economic climate marked by apprehension and unpredictability, a recent survey sheds light on the financial sentiments being felt by consumers nationwide. The survey reveals a stark reality:...
View ArticleStudy Debunks Impact of Medical Debt Forgiveness on Consumers
A study published yesterday by the National Bureau of Economic Research questioned the effectiveness of medical debt forgiveness, concluding that individuals who had some or all of their medical debts...
View ArticleEd. Dept. Releases Student Loan Repayment Data
The Department of Education has released data regarding repayment trends following the end of the student loan payment moratorium with the intention of noting how many borrowers are making their loan...
View ArticleCredit Card Delinquency Rates Tick Upward, but Consumers Showing No Signs of...
One of the consistencies in trying to assess the economy during the past couple of years has been the consistency with which the economy seems to be heading in multiple directions simultaneously. One...
View ArticleWalmart-Backed Fintech Starts Offering BNPL Services
Want more proof that the Buy Now, Pay Later (BNPL) craze isn’t going away anytime soon? A fintech company backed by Walmart has started offering BNPL inside some of the retail giants brick-and-mortar...
View ArticleBankruptcy Filings See Notable Increase in 2024
Bankruptcy filings across the United States have shown a significant increase, rising by 16% during the 12-month period ending March 31, according to data released yesterday by the Administrative...
View ArticleMore Complex Pricing Leads Consumers to Pay More, CFPB Report Concludes
The more complicated the pricing structure of a product or service, the more likely that a consumer will pay more, according to a report published yesterday by the Consumer Financial Protection Bureau....
View ArticleArtificially Inflated Credit Scores Leave Borrowers Unable to Pay Debts: Report
One of the arguments being made against removing medical debt from consumers’ credit scores is that it will artificially inflate those scores and make it easier for consumers to get access to credit...
View ArticleAre the Dominos About to Start Falling?
I came across a trio of articles recently that seem to overlap and connect with one another. The articles paint a picture for the economy and the accounts receivable management industry while also...
View ArticleCredit Card Delinquency, Usage Rates Show More Consumers Are Falling Behind
The total amount owed by consumers nationwide on their credit cards fell in the first quarter of 2024, compared with the fourth quarter of 2023, which may seem like a good thing. But the decrease from...
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